DLF, biggest real estate developer in the realm of India, has started to expand its tentacles once again. The company, it has been found, at present, is taking into consideration a large number of purchases on the inexpensive, not just in the region but in North America too where real estate values are still depressed. This is without a doubt a major development since DLF did shun the same business a year back. The company is again trying to strengthen its grip on hospitality and is making great efforts to expand the business both in India and abroad.
It has been found that DLF plans to introduce three hotel properties in Delhi over the next couple of quarters in time for the Commonwealth Games and it is also looking to expand the high-end luxury brand Aman Resorts that it acquired in 2007. Apart from this it is ready to pay money for three super luxury hotel properties this financial year at any rate. The company is in the hunt for properties in Laos, China and the US.
On the other hand the Indian real estate giant plans to float a special purpose vehicle so as to raise money for this by means of long-term debt. This is certainly a change in its strategy and it comes after it was compelled to sell a number of its hotel properties so it could raise the much-needed funding to the tune of Rs. 700 crore.
Anshuman Magazine, Chairman of CBRE India, said, “Real estate companies were all shying away from non-core business, because their main forte was not in shape. As far as DLF is concerned, there has been visible recovery in home sales, and as such, it is now trying to get back on expansion mode.”
Even though the realty sector in the majority of western countries and Southeast Asia is still slow-moving, it is refurbishing in several parts of India at fast pace.
0 Responses
Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.